Thompson sent a memo to employees yesterday, according to Reuters and the Associated Press, which obtained copies of the memo. These were his first comments on the situation since activist hedge fund manager Dan Loeb revealed Thompson's deception last week.

The memo came the same day that Yahoo's board opened an investigation into Thompson's hiring. The CEO did not explain why he lied about receiving a Stonehill College computer science degree.

While Thompson is remaining at Yahoo, Patti Hart, who led the board search committee that hired Thompson, may be leaving, Dealbook reports. Loeb also outed errors on her biography, and now, Hart may not stand for reelection to the board. She would be the first casualty in the growing controversy over the bogus resumes.

Since the scandal began last Thursday, Yahoo shares have fallen 3.4%. The stock was down 1.4% to $15.13 in late morning trading today.

Before Thursday, Yahoo had reported that Thompson held both a computer science and accounting degree from Stonehill College. In reality, Thompson only has an accounting degree; Loeb outed the mistake in a public letter to Yahoo's board of director.

After Yahoo tried to pass off the mistake as "an inadvertent error," Loeb demanded Thompson's resignation by Monday. With Thompson still at the helm, Loeb, who controls 5.8% of Yahoo through his hedge fund, Third Point, now wants Yahoo to turn over all records related to Thompson's hiring and Hart's appointment to the board. He cites a law in Delaware, where Yahoo is incorporated, where a shareholder can review documents if he has proper purpose and meets procedural requirements.

Thompson started as CEO only five months, laying out a turnaround plan that has focused on reducing costs. He laid off 2,000 employees last month, cutting 14% of its workforce. Yahoo staggered in recent years, needing to compete with faster-moving Web companies like Google and Microsoft and media businesses like News Corp. and Viacom. Yahoo's stock has fallen nearly 18% in the past year.

"I am hopeful that this matter will be concluded promptly," Thompson wrote in the memo, according to the Associated Press. "But, in the meantime, we have a lot of work to do. We need to continue to act as one team to fulfill the potential of this great company and keep moving forward."